This month's Addleshaw Goddard Africa Newsletter focuses on the growth of Africa's mobile money market – from the early emergence of Kenya's M-Pesa in the 2000s to the banking-disruptors of today. As the industry continues to grow, but as competition increases and as new technologies (including digital assets) present potentially attractive alternatives to mobile money – what does the future for mobile money in Africa look like?

What and who is a capital city for? At once home to the administrative machinery of a sovereign government and seat of political authority, capitals also serve as a symbol of national identity – at best unifying a population as a source of national pride while acting as a country’s advertisement to the wider world.  That is why leaders throughout history have constructed specially planned cities to serve as the central hub of their nations. The latest addition to this series will be the as yet unnamed new capital of Egypt.

First Bank of Nigeria Limited, Nigeria’s premier financial services institution, has announced a phased corporate name change of its subsidiaries in the United Kingdom and Sub-Saharan Africa. FBNBank UK, FBNBank Sierra Leone, FBNBank Gambia and FBNBank DRC are the first set of subsidiaries effecting the name alignment. They are now known and addressed as FirstBank UK, FirstBank Sierra Leone, FirstBank Gambia and FirstBank DRC. The Ghana, Senegal and Guinea subsidiaries will be next in the phased name change implementation. 

Genesis Energy (GENESIS) has partnered with Imbumba Foundation to light up the trek to the peak of Mount Kilimanjaro with its generous donation of cutting-edge solar headlamps that will provide the climbers with the much-needed illumination as they summit the Roof of Africa in honour of the great Nelson Mandela.

The Department for Business and Trade (DBT) Africa is delivering a Ministerial Roadshow on ‘Industrial Decarbonisation’ from the 18th – 26th of July, convening a delegation of African Ministers from over 10 African countries including Egypt, Mozambique, Nigeria and Kenya with the main aim of highlighting and promoting to African Ministerial Delegations the UK’s offer of affordable and innovative technologies, capabilities and knowledge on decarbonization across the infrastructure, mining and energy sectors.

Three very different stories can be seen since 2008 when drilling down to experiences at the sub-regional level. In West Africa, Central Africa, and Eastern Africa, the share of manufacturing in total employment has recently grown, albeit from a low base. Countries like Ethiopia and Mauritius have had successes in apparel and textiles, Kenya has performed well in agro-processing, and Nigeria in electronics. Gagan Gupta, co-founder and CEO of ARISE Integrated Industrial Platforms shares lessons from Gabon, Togo, and Benin.

Businesses rely on their assets to maintain efficient operations, such as tangible property, plant, machinery & equipment, furniture & fittings, computers, through to vehicles, warehousing and stock. In many instances, risks such as fire, theft or flood that result in the damage of assets, can compromise key business processes, with subsequent impact on the ability of the business to continue operating as efficiently as prior to the incident. This is referred to as consequential business interruption losses, directly resulting from the asset damage incurred.  

DLA Piper and DLA Piper Africa have collectively been shortlisted for 20 awards across multiple categories at the African Legal Awards 2023. Internationally, DLA Piper has been shortlisted for International Law Firm of the Year and ESG Initiative of the Year, with DLA Piper Africa shortlisted for the African Network/Alliance of the Year award, having won the award in 2022. Regionally, DLA Piper Africa has been shortlisted for African Law Firm of the Year in all four categories: East, North, Southern and West Africa.

Cygnum Capital will be led by the group’s co-founder and CEO, Clemens Calice. The move is part of a new direction for the business as it expands its international footprint and repositions for greater growth and impact.

To celebrate the launch of the 4th edition of BMI’s Megatrends report, you’re invited to join us at the Fitch Auditorium for our in person event Towards 2050: Megatrends In Industry, Politics And The Global Economy on Wednesday, 21st June.

Alteia Fund emerged from a Management Buy Out of Barak’s Group founding partners in early 2023. With assets under Management (AuM) of over USD 1bn, Alteia comprises a team of highly specialised fund managers who offer their clients access to 30 countries in Africa as well as expansion opportunities into new markets in the Middle East, including UAE and Saudi Arabia, where they now have a presence.

A recent article from FTI Consulting discusses market definition and the assessment of competition in retail mergers, and specifically in fast moving consumer goods (“FMCG”) markets. It considers recent analysis conducted by FTI Consulting for a large retail grocery chain in South Africa.

E3 Capital and Lion's Head Global Partners have announced a first close for the E3 Low Carbon Economy Fund for Africa ("E3LCEF") at $48.1 million. The early-stage venture fund will focus on investing in next-generation low-carbon entrepreneurs in Africa scaling new technologies and business models enabled by the low carbon economy.

May 2023 - On 31 March 2023, the Minister of Communication and Digital Technologies, issued the National Policy on Rapid Deployment of Electronic Communications Networks and Facilities (the Policy) in terms of the Electronic Communications Act 36 of 2005 (ECA). The Policy was approved by Cabinet.

Verto, a London-based B2B cross-border foreign exchange (FX) and payments enabler for startups and small businesses, said it has acquired a quarter of Silicon Valley Bank (SVB) customers from Africa and the MENA region.

Africa GreenCo Group, through its South Africa-based company, GreenCo Power Services (Ptty) Limited (together, GreenCo), is delighted to announce the execution of a power purchase agreement (PPA) with AMEA Power, a Dubai-based developer, owner and operator of renewable energy projects with a focus across Africa, the Middle East and other emerging markets.

Invest Africa member, United Bank for Africa (UBA) UK is thrilled to extend an invitation to you to join their upcoming Cocktail Party celebrating Africa Day on 25 May in London, 6-9pm, Stork Mayfair, 13-14 Cork Street, W1S 3NS.

In the May edition of Addleshaw Goddard’s Africa Business Group Newsletter, experts consider the challenges posed by regulatory issues, supply chain oversight and transparency in Africa.

DLA Piper Africa is pleased to invite you to the 2023 Virtual M&A Academy for clients. This event is aimed at junior to mid-level professionals who work in corporate finance and private equity, in-house legal teams and the strategy departments of corporates. It provides an overview of the key stages of the M&A process and a more in-depth look at the most important aspects of M&A for African practitioners.

This compendium brings together Moody’s recent research on African sovereign, banking and corporate finance credit, in recognition of the continent’s economic expansion, rising international issuance and increasing investor demand for credit ratings and research.